There are traders who trade for a living, for example, Australian traders. They trade for a living as they are not depended on the market. Well, when you are depended on the market you may not understand the beauty of trading. You will actually be gambling rather than trading.
The importance of a trading plan, strategies and techniques would be something useless for a person who is depended on the market. On the other hand, a person who is not addicted to trading will focus on the above-mentioned factors with much attention. He knows the value of the above-mentioned factors so that he can reach higher. Anyway, how will you know whether you are depended or not?
If you are trading and you cannot get out of the market if you are finding it hard to not to watch the market and if you don’t have a plan you are dependent on the market. If you have these behaviors, you should keep reading!
Be prepared to deal with losing orders
Those who trade the market without knowing the risk factors lose a significant portion of their investment within a very short period of time. You need to think like the professional traders. The professional traders are always assessing the risk factors and trading the market with managed risk. They never trade to win trades. They always consider the probability factors of the market and aim for high-risk reward trade setups. Being a new Aussie trader managing your emotions will be extremely hard. But if you simply focus on the core factors of risk management you will be able to make a huge profit. So learn to trade with proper risk exposure.
Long-term targets would be ideal
The traders who gamble instead of trading are the ones who target short-term targets. They don’t want to work hard, they just want to make money. This kind of traders simply loves to trade short terms so they do not have to focus on long-term goals. It is okay to start your journey with short time frames but if you are an addict it wouldn’t be good for you. And if you are looking to overcome the dependency, try to aim higher time frames. In Forex trading, you would make money but it shouldn’t attract you in a negative way. The ones who get attracted to money are the ones who end up being addicts. If you don’t want to see yourself in a position like that, you should have a few things in your behavior. One of it is focusing on the long-term targets. It can be really hard to change very soon but take time. Improve little by little. Keep in mind, if you are dependent on the market, you would not become a pro.
Be accountable for what you do
Just look at the ones who addicted to drugs, are the accountable? Do they even care? Not really! They just consume it as if it doesn’t matter. They not accountable for anything. They have lost discipline and decency. Similarly, when a trader gets addicted to trading he loses the accountability. To overcome this, you should develop the habit of being accountable.
Being away from the trading market
You don’t have to be in the market for 24/7. Mostly, your dependency rate increases when you are always in the market. You shouldn’t let this happen. Call to mind, it is a must to be away from the trading market for some time. You should allocate time to do other things in life. Don’t treat trading like it is your life.